Classic Canadian Retirees: Needless Financial Stress and Missed Opportunities
TriDelta Financial Partners finds that a majority of well-to-do 'middle-class' Canadian retirees are the most conservative, cautious and concerned about their money in spite of having assets in excess of $1,000,000. These individuals are termed 'Classic Canadian Retirees'. Their inherent fear of 'outliving their money' often leads them to needlessly live under considerable financial stress and miss out on maximizing their retirement lifestyle. However, with expert financial planning advice, many quickly realize that they are missing out on opportunities to support their families, give more to charity and enjoy their retirement time more.
Toronto, ON (PRWEB) May 1, 2007 -- TriDelta Financial Partners finds that a majority of well-to-do 'middle-class' Canadian retirees are the most conservative, cautious and concerned about their money in spite of having assets in excess of $1,000,000. These individuals are termed 'Classic Canadian Retirees'. Their inherent fear of 'outliving their money' often leads them to needlessly live under considerable financial stress and miss out on maximizing their retirement lifestyle. However, with expert financial planning advice, many quickly realize that they are missing out on opportunities to support their families, give more to charity and enjoy their retirement time more.
In the 2005 Stats Canada numbers, the average net worth for the top 20% Canadians was $1,264,000, with retirees being over-represented in this group. In typical Canadian fashion, many of these well-to-do 'middle-class' retirees are the most conservative, cautious and concerned about their money. Typically, these "Classic Canadian Retirees" live a very frugal lifestyle, watching every penny, and always concerned about having enough for the 'rainy-day', even though they will never be at risk of outliving their money.
It is not uncommon for many of these individuals to approach TriDelta Financial Partners, concerned that they might outlive their money, however, a majority of them quickly discover that they will, in fact, end up leaving an estate in excess of $1 million. According to Ted Rechtshaffen, CEO at TriDelta Financial Partners, "The lost opportunities and consequences due to this fear can be significant for these Canadian retirees":
| | - By spending far less on themselves than they could, they potentially miss out on maximizing the enjoyment of their retired life.
- By spending far less on family than they could, they potentially miss out on the opportunity to provide much needed financial support.
- Paying far more in tax than they should due to poor planning.
- Giving far less to charity than they would if they knew their true financial situation.
- They will leave much more money to family after they are gone than they would think, but still miss the opportunity to do even more with their estate due to poor planning.
- Needlessly living under continuous financial stress...when they should have peace of mind to enjoy life to its fullest.
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According to TriDelta Financial Partners, Classic Canadian Retirees fall into two groups:
Loyal Employee Classic Canadian Retiree - They worked at the same company for most of their career. When they retired they qualified for a decent pension that pays a fixed amount to them every month - but it increases every year with inflation. They were raised to be careful with money, and throughout their life, they never considered themselves wealthy. Now that their children are grown up and the house is paid off, they find that they actually have more money to spend now than they ever had in their life. However, they can't just change their personality, they continue to watch their dollars carefully as that is simply who they are.
Well Paid Classic Canadian Retiree - As a professional or business executive, they achieved some significant success in their career. They lived a fairly comfortable lifestyle, and continue to do so in retirement. They may still have an active business or holding company. While they are fairly certain that they will never outlive their money, they still have some concerns because they don't really know how much extra they will have. They would like to know how much they can afford to help their children. They are not sure that they are best set up in terms of passing the largest estate to their kids, with the least amount of tax.
"If you think that you are a "Classic Canadian Retiree", the best thing for you to do is get expert financial advice to fully understand your financial situation" says Ted Rechtshaffen. By choosing a qualified financial planner who has access to the entire financial market for the best combination of product, you ensure that you receive optimized financial planning and estate planning solutions to maximize your financial wealth and achieve financial peace of mind.
TriDelta Financial Partners is a financial planning firm located in Toronto, Canada that work with many "Classic Canadian Retirees" to help them learn to enjoy life more. TriDelta Financial Partners financial planner and financial advisor specialists offer investment, mortgages, insurance, retirement planning, tax reduction strategies and estate planning solutions to Canadians.
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